Sharda Gramin Bank – Loan for Agri-Clinic and Agri-Business

By | March 29, 2011

Purpose: This loan finances agriculture graduates to set up an agri-clinic or agri-business.

 

Eligibility: The applicant should be an agriculture graduate.

 

Quantum of Loan: The maximum amount that can be granted as loan is decided based on the unit cost of the project as decided by the governing norms of the bank.

 

Margin: There is a margin of 15% to 25% in case of this loan.

 

Rate of Interest: The rate of interest for loans up to Rs. 50,000/0 is 9.75% per annum. In case of loans above Rs.50,000/- up to Rs. 2 lakhs, the rate of interest is 2% below PLR and for loans above Rs. 2 lakhs up to Rs. 5 lakhs, the rate of interest is 0.5% below the PLR. For loans above Rs. 5 lakhs, the rate of interest is 0.5% above the PLR.

 

Repayment: The maximum period within which the repayment has to be done is 5 years depending on the project.

 

Security: The hypothecation of objects purchased by the finance provided by the bank is taken as primary security. In case of loans above Rs. 50,000/- simple agriculture land mortgage is taken as the collateral security for the loan.

 

Other features: There are processing fee charged for this loan just like the home loan or any other loan from the bank.

 

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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